Will XRP rebound from the lower border of the channel?
Hello everyone, let's take a look at the XRP to USDT chart on a 4-hour time frame. Let's start by defining, using white lines, a sideways trend channel in which the price moves at its lower border.
Let's start by determining the support and as you can see, first of all, as support, we have a support zone from $0.50 to $0.45, when the price drops below this zone, the next support is at $0.37, and then support at the price of 0.32 $.
Looking the other way, we can see a resistance line at $0.58, then at $0.62, the third resistance at the upper border of the channel at $0.69, and then we can see an increase to around $0.84.
When we turn on the EMA Cross 50 and 200 indicator, we can see how the yellow line tries to cross the blue line at the bottom, which would indicate entering an upward trend.
Let's start by determining the support and as you can see, first of all, as support, we have a support zone from $0.50 to $0.45, when the price drops below this zone, the next support is at $0.37, and then support at the price of 0.32 $.
Looking the other way, we can see a resistance line at $0.58, then at $0.62, the third resistance at the upper border of the channel at $0.69, and then we can see an increase to around $0.84.
When we turn on the EMA Cross 50 and 200 indicator, we can see how the yellow line tries to cross the blue line at the bottom, which would indicate entering an upward trend.